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Australian nonbank lenders have long discussed the potential alignment of the type of lending they do with social-bond funding. As the first local issuer to bring an all-social residential mortgage-backed securities deal, Pepper Money says the value of the platform is primarily about the opportunity this type of funding offers for future development of lending product.

The nascent revival in Australian credit issuance appears to be spreading beyond domestic borders. Private banks in Asia – particularly Singapore – are showing increased interest in high yielding, quality Australian dollar fixed income with a particular focus on subordinated financial debt, intermediaries say.